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Trump vows to restore nation's 'competitive edge' with tax plan

President Trump on Friday vowed to simplify America's tax code and bring jobs and businesses back to the U.S. as Republicans ramp up their push for tax reform.

In his weekly address from the White House, Trump touted the GOP's tax reform proposal, saying it would spur businesses to bring better jobs and wages to the country.

"Our framework will make the tax code simple, fair, and easy to understand. Under our plan, the vast majority of families will be able to file their taxes on a single sheet of paper," Trump said.

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"People will pay a lot less money. Single individuals will not be taxed on the first $12,000 of income earned. And a married couple will pay zero taxes on their first $24,000 of income."

Trump also promised to lower the corporate tax rate, arguing it would restore America's "competitive edge" and allow workers to "win again."

"We are going to restore America’s competitive edge so that American businesses and workers can win again. We will cut the corporate rate below the average of our foreign competitors—and we will reduce the top marginal income tax rate on small and mid-sized businesses to the lowest in more than 80 years," Trump said.

"It’s so important because our companies are leaving our shores and when they leave, they let go of the workers. And then they make their product and they send it back into our country," Trump added. "We don’t tax them, we don’t do anything. Those days are over."

But in his address Friday, Trump blasted the minority party for wanting to "substantially" raise taxes.

"The problem we have is the Democrats don’t want to cut your taxes, they want to actually raise your taxes, and raise them very substantially. We can’t afford to do that as a country, that’s why our jobs are leaving, that’s why you don’t have enough left in your paycheck," Trump said.

"We want to cut taxes and it’s going to be the biggest tax cut in the history of our country."